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One important reason is that personal loans require the borrower as collateral . This means that the borrower is obliged to provide any capital asset with considerable struggle to qualify for the loan. <a href="http://www.equickloansonline.co.uk/">Quick Loans</a> It may be in the form of a vehicle, jewelry , electronic components , and any piece of property such as house or land . Anything that has a good cash value is guaranteed.The value of your property , the higher the loan amount . In general , financial institutions approve loan of around £ 5,000 - £ 75,000 , this amount can sometimes also be extended to £ 100,000 . The repayment of loans secured personal , usually a minimum of 5 to a maximum of 30 years , the borrower enjoys the benefits of lower interest rates . <a href="http://www.equickloansonline.co.uk/">Quick Loans Online</a> Another reason for the low interest rate is that the loan is fully secured by collateral. Even if the borrower fails to repay the loan , the lender does not have any risk that might purchase the property .In fact , people with bad credit reports can be obtained also for personal loans , but the interest charges will be higher .
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